DJ Market Summary
Published: 07/16/2012, 9:09:22 PM
DJ MARKET TALK: Sugar Reverses Course; Traders Eye Supply 14:52 EDT - Raw-sugar futures rallied midday, shedding earlier losses, on supply concerns to put the market slightly higher by the close. Rain in India remains below normal, threatening the crop, while too much rain in Brazil could hit supplies there by delaying the loading of sugar at docks. Mike McDougall at Newedge also notes higher corn prices are impacting the sweetener; more-expensive corn means higher costs for sugar substitute high-fructose corn syrup and potential demand increases for sugar. Meanwhile, "we're still stuck in the same range" of 22-23c/pound, but McDougall says the top end could be breached Tuesday. October raw sugar rose 0.2% on ICE to 22.77c.